The accounts of the new Visions Federal Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new Visions Federal Credit Union members will also experience no interruption in services. Visions Federal Credit Union is a federally chartered credit union with $2.7 billion in assets and approximately 127,000 members.

NCUA made the decision to liquidate BCT Federal Credit Union and discontinue operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Visions Federal Credit Union, the former credit union served approximately 3,900 members and had deposits of approximately $41.3 million.

Chartered in 1941, BCT Federal Credit Union served employees of public, private and parochial schools throughout Broome County, N.Y., and other similar groups from surrounding counties and towns in New York and Pennsylvania, as well as various select employee groups.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov (opens new window), NCUA also educates the public on consumer protection and financial literacy issues.

"Protecting credit unions and the consumers who own them through effective regulation"